Manage your student finances: Money tips to get a headstart

Last updated 14 July 2022

Managing your finances as a student can be tough, especially when funds are limited and part-time jobs don't always fit your study schedule. But the earlier you can start building good money habits, the brighter your financial future will look.

Here are some money tips to help students get a headstart.

Get money for studying

There are lots of scholarships out there that can help reduce your course, living and transport costs, or just give you a little extra money to get you through your studies. Check out MAS Here for Good Scholarships, or have a look on your university’s website.

Have the best bank account for you

Check out what fees you are being charged on your bank account and any hidden fees in the fine print. Overdrafts do provide some valuable assistance and can really help if you need it. Be sure to never exceed the limit though, to avoid getting stung with fees and interest, and don't go crazy with overdrafts – remember you do need to pay it back eventually. 

Have a look at any recurring payments or subscriptions you have going out that you may have forgotten to cancel. Some banks also have a nifty feature where you can round up any purchases to the nearest few dollars and automatically transfer the extra into a savings account. 

Stick to a budget

Create a budget plan and stick to it. It might sound boring, but it really does help you to develop good habits and make you more aware of how much you’re spending each week. Having several bank accounts can help – one for spending, one for bills, and then another account for savings. Keeping money separate and not as readily accessible makes it harder to spend too!

Discounts!

Make the most of discounts where you can. Score student discounts through your ID card, and end of day discounts for eateries through the likes of the Foodprint App. There are always happy hours, or 2-4-1 nights out – take advantage of these fun deals, as every little saving you make quickly adds up.

Grocery shopping

It might seem obvious, but make the switch to home brands where you can, and see how much you save. Buy your fruits and vegetables in season and shop at local markets where possible – this also gives you the feel-good factor of knowing you are truly supporting local. Doing a bit of meal planning and putting together a shopping list to match will help reduce waste too - head online to check specials before you go to the shop, or do your whole weekly shop online to cut down on those impulse buys. 

When you’re doing your weekly shop, think about the kinds of food that will be best for your mental wellbeing, as well as for your physical health. Our moods can change depending on what we eat – for better or worse! For healthy eating tips, check out our good mood food guide.

Flat expenses

Make sure you shop around for your power, phone, and internet accounts. There are huge variations between companies that could save you a small fortune over time. Often ringing companies or looking through their websites to compare prices and offers will get you a better deal. You never know unless you ask.

Consumer Powerswitch is a great site for comparing power costs and working out what's best for your flat. 

A flat bank account is a great way to manage joint costs within the flat. All the flatties can transfer a set amount to cover the basics, and if there’s any money left over at the end you can split it up evenly. Have a look at some of our favourite apps for stress-free flatting too.

Think about your stuff

Imagine that classic nightmare of being responsible for accidentally starting a house fire at your flat, and losing all your stuff. Leave the stress behind with contents insurance. MAS contents insurance policies will cover you for up to $10,000,000 of property damage if you cause accidental damage, and offers new-for-old replacement on lost or damaged items. You might think your stuff isn’t worth insuring, but there are lots of reasons why students should have contents insurance.

Be mindful

This is probably one of the single most important aspects when it comes to finances (and everything really): just be mindful. Unsubscribe from retailer emails, unsave your debit card details from your browser to make it harder to impulse spend, and be aware of the debt you are accumulating – you do have to pay it back. Be aware of the way you spend your money, and keep an eye on any spending habits like that daily coffee that can quickly add up. 

But don’t despair, you don't have to forgo all treats. You just need to be aware of your spending. If you aim for example to just buy one coffee a week instead of every day you'll not only enjoy it more, but you'll have extra money in the bank as well. Apply this thinking to all the spending that you do – you might be surprised how quickly it all adds up. 

Some useful resources

For more advice on getting a financial headstart as a student, check out some of the other articles in the MAS Hub: 

• Boujee on a budget
• I’ve gone flatting. Do I need insurance?
• Budgeting basics for students
• Getting on top of financial stress
• So you want to be debt-free

MAS Members also have free access to our health and wellbeing hub, Āki, which is full of useful tips and tricks for staying healthy and keeping on top of things. 

And remember you can contact a MAS Adviser any time and talk through your own personal situation and what is best for you. 

Get in touch

If you need help or have any questions, contact a MAS Adviser today on 0800 800 627.